Imports accelerated by 32%, while exports languished and grew only by a mere 0.3%.

Rappler columnist and University of the Philippines Diliman economics PhD candidate JC Punongbayan attributed the decline to the wider trade gap.

"The peso's closing at P54 per US dollar is to be expected because of the continued double-digit growth of imports and the sluggish growth of exports," Punongbayan said.

"It could also be partly because of the recent outflow of hot money on account of increasing interest rates in the US and jitters about runaway inflation," he added.

The peso was also being crushed by rising oil prices, inflation reaching a fresh high of 6.4%, and fears of contagion from the emerging market rout.

"I think investors wanted more direction as to how the administration was going to address inflation from yesterday's talk," said Luis Limlingan of Regina Capital.

Limlingan was referring to the one-on-one chat that President Rodrigo Duterte had with Chief Presidential Legal Counsel Salvador Panelo. They tackled various issues, including the state of the economy.